Tips from One Small Business Owner to Another
The holiday shopping season is a great time to celebrate and support small businesses
The holidays are upon us, which means the holiday shopping season is here! This time of year is a great time to support the more than 28 million small business owners in the United States by shopping at and supporting local community businesses, according to the U.S. Small Business Administration (SBA).
This is also a good time to share tips small business owners can use to ensure their business is successful and protected.
Ryan Basile, owner of Double Trip Press, agrees there is no time like the holidays to ensure you have the tools to prepare and protect your business. Ryan gives credit to getting good business advice from the start. Recently, he shared a few of his own tips small business owners should keep in mind.
Top Five Tips from Small Business Owner Ryan Basile
- Learning from Mistakes. Just as it sounds, making mistakes is how we learn to do better the next time. Ryan recalls making several mistakes early on when establishing his business. They turned into great learning opportunities. It can be scary for anyone, especially a new business owner, to even entertain the idea of being able to get up from a bad fall. However, Ryan professes he and his business are better because of it.
- Have Realistic Expectations. Don’t expect to know all aspects of growing or starting a business. Allow yourself to ask for help and be willing to learn new things. Know your strengths and weaknesses and embrace them.
- Seek Help. From the start, Ryan “knew what he didn’t know,” and sought out help. He went to Next Door Chicago’s financial coaches who helped him build a business plan, create a budget and organize what to do and when (like getting a bank account, establish a LLC, etc.). They even provided emotional support that gave him the confidence to succeed.
- Align Your Mission to All Aspects of Your Business. For example, if you have a high-end product, where your storefront is located and how it looks should align with your product. Ask yourself if growth is in your future or if staying small is your goal. This can help you decide if you lease space or buy space you can grow into.
- Get Advice from a Professional. State Farm agents are also small business owners. They understand the importance of developing a plan for continued financial security. After speaking to a State Farm agent, Ryan realized how much more he could do with the support of a professional. At every stage of the Business Life Cycle, there are different ways to protect and grow your company.
As you prepare your holiday shopping list, make sure to #ShopSmall.
Small Business is Big!
- The 28 million small businesses in America account for 54% of all U.S. sales.
- State Farm Agents account for 18,000 small business owners.
- Small businesses have provided 55% of all jobs, and 66% of all net new jobs, since the 1970s.
- The 600,000+ franchised small businesses in the U.S. account for four of every 10 retail sales and provide jobs for some eight million people.
- The small business sector in America occupies 30-50% of all commercial space, an estimated 20-34 billion square-feet.
- 62% of small businesses employ five or less employees.
- Minority owned businesses account for almost 15% of all small businesses, with more than one-third of minority-owned firms owned by Hispanics.
The mission of State Farm is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its 19,200 agents and 59,000 employees serve approximately 84 million policies and accounts – over 81 million auto, fire, life, health and commercial policies and over 2 million bank and investment planning services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 36 on the 2020 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.